OPEC+ has agreed to a modest oil production increase of 137,000 barrels per day (bpd) beginning in November 2025, following a virtual meeting of eight key member countries — Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.
In a statement released by the Organisation of the Petroleum Exporting Countries (OPEC), the group explained that the decision was made after reviewing global market conditions and maintaining a positive outlook on the world economy. The organisation noted that low oil inventories and stable market fundamentals supported the decision.
“The eight participating countries decided to implement a production adjustment of 137,000 barrels per day from the 1.65 million barrels per day additional voluntary cuts announced in April 2023,” OPEC said.
The group added that the increase would take effect in November 2025, while the previously reduced 1.65 million bpd could be reinstated gradually, depending on evolving market conditions.
OPEC+ reaffirmed its cautious approach, emphasizing flexibility to pause or reverse any voluntary adjustments if needed to maintain market stability. The coalition also restated its commitment to the Declaration of Cooperation, vowing to ensure full compliance and monitor all voluntary production changes through the Joint Ministerial Monitoring Committee (JMMC).
Additionally, member countries pledged to compensate for any overproduction since January 2024 and agreed to hold monthly meetings to assess market trends, conformity levels, and compensation progress.
The next OPEC+ ministerial meeting is scheduled for November 2, 2025.
